Corona del Mar (May 24, 2013)

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This Week

The median list price in Corona del Mar this week is $2,988,000.

The Market Action Index has been trending down lately, while inventory and days on market are climbing. The trends imply a weakening market.

Supply and Demand

Market conditions have been consistently cooling in the past several weeks. Because we’re still in the seller’s zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index persistently falls to the buyer’s zone.

Price

Despite this week’s down tic, price trends in Corona del Mar have generally been moving up lately. We are below the market’s high point, and we’ll investigate the Market Action Index later on to see if we expect this week’s blip to become a downward trend.

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